ADDITIONAL FEDERAL PROGRAMS

Congress created the Neighborhood Stabilization Program (NSP) to help cities, counties and states deal with community problems that are the result of the nation’s mortgage foreclosure crisis. Broward County has the unique characteristic of being a built out County with 31 municipalities of which 14 are entitlement communities, population that exceed 50,000. The County has a very small unincorporated area, and 18 municipalities (*5) that the County represents for NSP-1 and NSP-3 funding while 13 entitlement communities (*6) received their own funding allocation. Countywide, approximately $88 million which include program income in NSP-1 funds and approximately $33.9 million in NSP-3 funds was available for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. Funds are being utilized for individuals and families earning no greater than 120 percent of Area Median Income (AMI) and also to include 25 percent of the funds to assist individuals and families earning no greater than 50 percent AMI. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the goal of the program is being realized. Grantees are permitted to spend up to 10 percent of the total grant allocation for administrative costs.

Eligible Uses

Funds may be used for activities which include, but are not limited to:

Financing mechanisms for purchase and redevelopment of foreclosed homes

Purchase and rehabilitation of foreclosed or abandoned homes

Land banks for foreclosed homes

Demolish blighted structures

Redevelop demolished or vacant properties

Program Planning & Administration

*4 Total Countywide grant allocation for NSP-1 and NSP-3, $97,813,108 does not include program income.